The Stock Exchange of Thailand (SET) Index fell by 19.56 points or 1.24 per cent to 1,560.10 in the morning session on Wednesday.
A Krungsri Securities analyst forecast that the SET would fall to between 1,570 and 1,575 points despite hopes of an economic recovery after strong data from the US and China, plus the US’s $2.26-trillion (Bt70.7 trillion) infrastructure plan.
The index would be under pressure due to uncertainty over the new wave of Covid-19 and anti-government pro-democracy protests, he said.
He recommended investors buy:
▪︎ TQM and STGT, which benefit from the Covid-19 situation.
▪︎ Hana, KCE, TU, CPF and XO, which benefit from the weakening baht.
▪︎ CBG, Ichi, Sappe, RBF, DOD, IP, TACC, Gunkul and Kiss, which benefit from positive news on hemp production and its general use.
The SET Index closed at 1,579.66 on Monday, down 16.61 points or 1.04 per cent. The volume of total transactions was Bt81.50 billion, with an index high of 1,601.24 points and a low of 1,575.56.
The price of gold rose by Bt50 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.
As of 9.27am, the buying price of a gold bar was Bt25,650 per baht weight and selling price Bt25,750, while gold ornaments cost Bt25,180.76 and Bt26,250, respectively.
At close on Tuesday, the buying price of a gold bar was Bt25,600 per baht weight and selling price Bt25,700, while gold ornaments cost Bt25,135.28 and Bt26,200, respectively.
The spot gold price on Tuesday rose by $14.20 to $1,743 (Bt54,608) per ounce, thanks to a falling US Treasury yield, a weakening dollar and the International Monetary Fund’s move to boost its global economic growth forecast.
The Hong Kong gold price meanwhile rose by HK$200 to $16,140 (Bt65,006) per tael, the Chinese Gold and Silver Exchange Society reported.
By Syndication Washington Post, Bloomberg · Rita Nazareth
Stocks dropped after a rally that drove the equity market to all-time highs. Treasurys climbed, while the dollar fell.
Technology companies led losses in the S&P 500, offsetting gains in retailers. The Dow Jones industrial average and the Nasdaq 100 also retreated. Stocks tied to the Archegos Capital Management crisis whipsawed after Credit Suisse Group AG unloaded more than $2 billion of the shares in the latest block trades stemming from the liquidation of Bill Hwang’s fund. ViacomCBS Inc., Vipshop Holdings Ltd. and Farfetch Ltd. bounced after slumping in early trading.
Investors bought stocks in record amounts in the first quarter of 2021 as a combination of generous stimulus and bets on an economic recovery drove $372 billion into global equity funds, according to Bank of America Corp. strategists. The data confirm the bullish market sentiment that has pushed shares to fresh highs, with optimism over vaccination efforts outweighing the fear that higher bond yields can interfere with the rally.
“Stocks’ momentum is strong, no doubt about that,” said Lindsey Bell, chief investment strategist at Ally Invest. “But the market may be ready to take a breather as investors digest all the good news, determine how much of that is priced in and weigh it against uncertain risks like inflation.”
The rally that lifted the S&P 500 above 4,000 for the first time is unusually broad. That’s evident from the percentage of the index’s component stocks that closed higher than their 200-day moving average, a gauge of price trends. Last week’s readings peaked at 94.4%, the highest since January 2010, according to data compiled by Bloomberg. They were the first to surpass 94% since May 2013 and contrasted with levels as low as 3.2% in March 2020.
On the economic front, data showed U.S. job openings rose to a two-year high in February, led by gains in some of the industries hardest hit during the pandemic. The International Monetary Fund upgraded its global growth forecast for the second time in three months, while warning about widening inequality and a divergence between advanced and lesser-developed nations.
These are some of the main moves in markets:
Stocks
– The S&P 500 fell 0.1% as of 4 p.m. EDT.
– The Stoxx Europe 600 Index advanced 0.7%.
– The MSCI Asia Pacific Index gained 0.1%.
Currencies
– The Bloomberg Dollar Spot Index dropped 0.2%.
– The euro gained 0.5% to $1.1868.-
– The Japanese yen appreciated 0.3% to 109.85 per dollar.
Bonds
– The yield on two-year Treasurys declined one basis point to 0.16%.
– The yield on 10-year Treasurys decreased five basis points to 1.65%.
– The yield on 30-year Treasurys fell three basis points to 2.32%.
Commodities
– West Texas Intermediate crude climbed 1.2% to $59.35 a barrel.
Experts recommended that investors buy shares after the Stock Exchange of Thailand (SET) Index dropped more than 1 per cent on Monday.
The SET Index fell by 16.61 points or 1.04 per cent to 1,579.66 on Monday.
Chanchai Pantathanakij, a research analyst at Asia Plus Securities, said the SET was in negative territory due to mass sell-offs in response to a new wave of Covid-19 infections at entertainment venues in Bangkok.
Investors had also sold stocks to cut risks over the Songkran holiday, he added.
“However, we expect these factors will only add short-term pressure to the index as the government will not impose a nationwide lockdown to deal with new Covid-19 outbreak,” Chanchai said.
“Meanwhile, investors would pay attention to SET-listed companies’ performance in the first quarter of this year after the Songkran holiday.”
Chanchai forecast the SET would fluctuate between 1,530 and 1,644 points in April.
Chaiyaporn Nompitakcharoen, executive vice president at Bualuang Securities, predicts a narrower range of 1,550-1,600 points in April, advising investors to buy shares during this time.
“Even though the SET will have limited upside room after Songkran, we expect the index to hit 1,700 points in the second half this year,” he said.
Sorrabhol Virameteekul, senior vice-president at Kasikorn Securities, said a tight valuation and uncertainty over Covid-19 vaccination in Thailand are also pressuring the index.
“Thailand’s vaccination rate is relatively low, making it more vulnerable to a new Covid-19 wave compared to other countries,” Sorrabhol said.
Supongvorn Mianpoka, head of global investment at Tisco Asset Management, expects SET to lose 50-80 points due to the new Covid-19 wave.
However he predicts a rise to 1,650 points if the government is able to deliver Covid-19 vaccines and reopen the country to foreign tourists as planned, starting with Phuket on July 1.
“The Thai stock market is expected to fall by 5 per cent in the second quarter this year, so this is an opportunity for investors to buy shares in large companies that will benefit from the country reopening and the economic recovery,” he said.
Supongvorn added that fund managers have started to add large-cap stocks to their portfolios.
“We advise buying shares related to finance, petrochemicals, food and beverages, commerce, energy and public utilities,” he added.
By Syndication Washington Post, Bloomberg · Rita Nazareth, Claire Ballentine
Stocks climbed to a record after solid U.S. economic data added to evidence the recovery is gaining momentum. The dollar fell while Treasurys were little changed. Oil sank.
Most major groups in the S&P 500 rose, with the gauge extending gains into a third session. The Nasdaq 100 rallied 2%. Google’s parent Alphabet jumped as the U.S. Supreme Court ruled that the company did not commit copyright infringement when it used Oracle’s programming code in the Android operating system. Tesla rallied after blowout delivery numbers from the electric-vehicle maker. GameStop slumped on plans to sell up to $1 billion worth of additional shares.
Traders pushed up the value of stocks after data highlighted an economic pickup as more Americans are vaccinated against the coronavirus, restrictions are rolled back and fiscal relief takes hold. U.S. service providers had the fastest growth on record in March as orders jumped to new highs. The figures from the Institute for Supply Management followed a Friday report showing that employers added the most jobs in seven months.
“It’s hard to look around and find a lot of reasons to be negative,” said Ross Mayfield, investment strategy analyst at Baird. “We had a big beat on March payrolls, Treasurys have mostly been unchanged. It’s one of those situations where good news is actually good news.”
Despite the gains in stocks in recent days, speculators have been pulling back their bets for lower volatility. Net short noncommercial positions in Cboe Volatility Index futures have shrunk for six straight weeks to their lowest since the beginning of December. The U.S. equity volatility benchmark fell to its lowest in over a year on Thursday as the S&P 500 closed at a record high.
– – –
Some key events to watch this week:
– The 2021 Spring Meetings of the International Monetary Fund and the World Bank Group take place virtually. U.S. Treasury Secretary Janet Yellen is among the participants of a climate discussion on Tuesday. Federal Reserve Chair Jerome Powell takes part in a panel about the global economy on Thursday.
– The Fed publishes minutes from its March meeting on Wednesday.
– Japan releases its balance of payments numbers Thursday.
– China’s consumer and producer prices data are due Friday.
– – –
These are some of the main moves in markets:
Stocks
– The S&P 500 rose 1.4% at 4 p.m. New York time.
– The Dow Jones Industrial Average added 1.1%.
– The Nasdaq Composite Index climbed 1.7%.
Currencies
– The Bloomberg Dollar Spot Index declined 0.3%.
– The euro increased 0.4% to $1.1811.
– The Japanese yen appreciated 0.4% to 110.21 per dollar.
Bonds
– The yield on two-year Treasurys decreased two basis points to 0.17%.
– The yield on 10-year Treasurys fell one basis point to 1.71%.
– The yield on 30-year Treasurys declined one basis point to 2.35%.
Commodities
– West Texas Intermediate crude dipped 4.4% to $58.75 a barrel.
The Stock Exchange of Thailand (SET) Index closed at 1,579.66 on Monday, down 16.61 points or 1.04 per cent. The volume of total transactions was Bt81.50 billion with an index high of 1,601.24 and a low of 1,575.56.
In the morning session, Krungsri Securities expected the day’s index to climb to between 1,600 and 1,605 before falling back, after a rise in US non-farm payrolls and falling jobless claims, plus the US administration’s $2.26-trillion infrastructure plan.
However, uncertainty over the rising US bond yield and signs of overbought stocks would pressure the index, said Krungsri Securities.
The 10 stocks with the highest trade value today were DELTA, GUNKUL, IRPC, STGT, STARK, STA, CPALL, PTTGC, AI and IVL.
Other Asian indices were on the rise:
Japan’s Nikkei Index closed at 30,089.25, up 235.25 points or 0.79 per cent.
South Korea’s KOSPI closed at 3,120.83, up 8.03 points or 0.26 per cent.
China and Taiwan stock indices were closed for the Qingming festival, while Hong Kong’s Hang Seng Index was closed for Easter.
Microsoft Corp on Monday announced the top four finalists of its 2021 Imagine Cup competition, with Thailand’s Team Threeotech emerging top in the Lifestyle category.
This was after an exciting two rounds of semi-finals at which the 12 shortlisted teams provided a three-minute project pitch followed by a Q&A session with judges to compete for a win in the World Championships in May.
This year’s Imagine Cup virtual competition saw teams from 163 countries using innovative technologies like AI, Power Platform and Big Data to develop their ideas into impactful technological solutions that make a difference.
The finalists had to submit innovations that could be applied in one of the four categories, namely Earth, Education, Healthcare and Lifestyle.
The four finalists impressed the judges with their innovative ideas, pushing the envelope on improving society as well as creating a brighter, more inclusive future.
Thailand’s Team Threeotech came up with “JustSigns”, a web application for content creators to create sign language captions to improve media accessibility for their hearing-impaired viewers.
In the Earth category, New Zealand’s Team ProTag created “ProTag”, a smart ear tag for livestock that uses technologies like mixed reality, IoT and Azure to detect the early onset of illness in real-time. This is part of efforts to inculcate sustainable farming, lower costs and increase animal welfare along with providing farmers with peace of mind.
Both these teams will be competing against a team each from Kenya and from the United States for the Imagine Cup trophy, a US$75,000 cash prize and a mentoring session with Microsoft Corp’s chief executive officer Satya Nadella.
Other teams from Asia that participated in the semi-finals are:
Team Intelli-Sense (India): Under the Healthcare category, the team developed “Vision” – an app that gives the visually impaired a “sense of vision” by helping them perceive their surrounding in real-time.
Team DataMasker (China): Under the Lifestyle category, the team came up with “WellMask”, an AI “mask” built to enhance social interaction by supporting “real-time speech transcription”, “intention extraction” and “emotion recognition”.
Team Virtual Radiologist (Nepal): Under the Earth category, the team came up with “Pico Sat”, a miniature version of an environmental satellite that utilises the Azure platform and PowerBI. It aims to provide information about your environment – altitude, temperature, humidity, pressure, dust and pressure level of the present time – be it a small room or open space.
Held annually since 2003, the Microsoft Imagine Cup is the world’s top student technology competition. This year’s contest encouraged participants to “Dream It. Build It. Live It” and create applications that shape how individuals live, work and play.
The Stock Exchange of Thailand (SET) Index rose by 1.21 points, or 0.08 per cent, to 1,597.48 in the morning session on Monday.
A Krungsri Securities analyst expected the SET Index to rise to between 1,600 and 1,605 before falling over rising US non-farm payroll and falling jobless claims, plus a US$2.26-trillion infrastructure plan.
However, uncertainty over rising US bond yield and signs of overbought stocks would pressure the index, he said.
He recommended that investors buy:
▪︎ EA, GPSC and BBP, which benefit from the Thai government’s move to promote electric cars.
▪︎ AOT, MINT, CENTEL, AAV, BA, CPN, CRC, MAJOR, BDMS and BH, which benefit from Thailand’s Covid-19 vaccination programme and the government’s move to reopen the country to foreign tourists.
▪︎ HANA, KCE, TU and CPF, which benefit from the weakening baht.
The SET Index closed at 1,596.27 on Friday, up 1.15 points or 0.07 per cent. The volume of total transactions was Bt76 billion with an index high of 1,606.41 and a low of 1,595.31.
The price of gold rose by Bt50 per baht weight in morning trade on Monday, the Gold Traders Association reported.
As of 9.32am, the buying price of a gold bar was Bt25,500 per baht weight and selling price Bt25,600, while gold ornaments were priced at Bt25,044.32 and Bt26,100, respectively.
At close on Saturday, the buying price of a gold bar was Bt25,450 per baht weight and selling price Bt25,550, while gold ornaments were Bt24,998.84 and Bt26,050, respectively. The price was unchanged compared to the previous week’s close.
Spot gold price moved to US$1,728 (Bt54,113) per ounce on Monday. Even gold markets in the US, Europe and Asia on Friday were closed for Good Friday. The price is likely to drop due to strong US non-farm payroll data.
Sunny beaches top choice of Thais heading for Songkran holidays
Apr 03. 2021
By THE NATION
Thais are on the move this Songkran, heading to beach destinations and choosing higher-end hotels to celebrate the upcoming Songkran holidays, according to data from digital travel platform, Agoda.
Coastal destinations have taken seven of the top 10 spots, with Phuket the most-booked destination spot during 2021 Songkran, jumping to No. 1 from fourth in 2019, and knocking Pattaya off the top into second place, according to Agoda.
Other beach destinations that dominate the 2021 list include Hua Hin/Cha-am (No. 3), Krabi (4), Koh Samui (5), Khao Lak (6) and Koh Chang (9). Bangkok dips to seventh spot from second in 2019.
With international travel off the table, Koh Samui (5), Khao Lak (6), Koh Chang (9), Khao Yai (10) make it in the top 10 this year, ahead of Tokyo, Rayong, Kanchanaburi and Chonburi.
“Travellers this year are also looking to pamper themselves, opting for 4–5-star hotels, a change from 2019’s preference for 1-3.5-star hotels,” said Timothy Hughes, vice president corporate development, Agoda.
“Songkran marks the beginning of the Thai New Year. Recovering from two periods of Covid-19-imposed lockdown, Thais are being a little more indulgent rewarding themselves and their loved ones with upgraded stays to 4-5 star properties. Phuket, Pattaya, and Hua Hin/Cha-am lead the top destinations this year. But domestic travellers are also choosing destinations once deemed crowded with international tourists such as Koh Samui, Hughes said.
“We are also seeing a big pick up in popularity of lesser-known beach destinations like Koh Chang,” Hughes added.
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